i'm steve sedgwick these are your headlines equities push higher ending for now the global selloff as investors go bargain hunting with the banking sector leading the way higher budget brinkmanship, italian ten-year yields are set for their biggest one-day falls on reports that mateo salvini could be open to a budget compromise oil prices also clawing back

some losses as president trump says he stands by saudi arabia, claiming it would be a terrible mistake to abandon the support for crown prince mohammed bin salman >> i'm not going ing to destroye world economy by being foolish with saudi arabia. and renault shares higher as the company appoints a temporary leadership team after carlos ghosn's arrest but they say he will remain in the role as chairman and ceo about 20 minutes ago when i was looking at the european markets it was 50/50 green and red. now we're moving about 7/3, 6/4, most stocks moving higher after a drubbing one thing i do want to point out. though we had leadership from the technology sector on monday

and from the energy sector on tuesday on the way down, this has been a broad-based selloff stocks like goldman sachs becoming the worst decliner year to date in the dow jones industrial average materials in correction territory nearly in bear market territory. 17% lower from the 52-week high. communication services down by a similar margin there's unambiguous leadership on the way down from energy and technology but this has come from all sides. let's look at some sectors moving on these european markets. as we mentioned, financial stocks are moving higher 1.4%, this followed some coverage around goldman sachs which is the worst dow performer in 2018. as you all know european equities, european banking stocks have had a drubbing the barrons article was talking

about price to book on goldmans had gone below one, which is a barometer on what you believe is the net asset value of these institutions there are many large european financial institutions that would love to just be below one on a price to book basis autos also rallying. the renault story. renault is a stock, if i told you it's trading four times forward pe, you would say there must be value somewhere. if you times it by three and then some you wouldn't get to the average valuation of the cac 40 autos coming off an incredibly low base brussels is set to respond to italy's resubmitted budget. the european commission is expected to declare rome is in breach of eu rules when it publishes its report at 12:00 p.m. central european time, taking the first step towards disciplinary action against the eurozone's third largest economy. italy refused to cut its 2019

deficit but a newspaper reports that mateo salvini may be open to budget revisions. this is the man who famously said the first things he looks at in the mornings is the italian spreads over bunds we are trading at 3.53% on the italian ten-year paper going out to 30 years, 40.077. let's get to silvia who is in brussels cryptic, opaque, ambiguous what does mateo salvini mean when he says he may be open to compromise bearing in mind there are not many people in brussels who believe the growth figures in this budget. >> absolutely. perhaps mateo salvini is waiting for some bad news from here today in brussels. what we do now, is that the european commission will be publishing its opinion regarding the budget plans from all

countries in the eurozone. the focus is on the italian budget it is expected the european commission could issue an report that could lead to an excessive deficit procedure. this process is applied to european countries in breach of fiscal rules and could lead to sanctions if countries in that position do not work towards fixing that. in terms of the italian budget, the opinion that will be issued today will be about the second draft budget after brussels said the first spending plan that rome sent wasnot good enough t reduce the massive debt pile looking at both documents, there are not a lot of differences italy prom mess ised to increase privatization and that it is increasing public spending because it needs to help populations severely hit by floods it also saidthe infrastructure

and roads would be helped. the problem is that the european commission has different forecasts. it expects the headline deficit to hit .9% in 2019 let's wait for all of those decisions later today. do joan in us around 12:00 lond time we will speak to the vice president of the european commission, valdis dombrovskis here regwe go. i said no many believed a word in the expectations in the budget from italy going forward, now the statistics bureau is saying what the rest of us thought. they caught the 2019 budget forecast in italy.

this is the italian national statistics bureau. they are cutting the 2018 gdp forecast to 1.1% from 1.4% forecast made in may and they see 2019 at 1.3% these figures are below those stated by the italian government head scratches there perhaps maybe mr. tria will have a revisit of those numbers theresa may heads to brussels today for a meeting with jean-claude juncker the british prime minister will iron out the last remaining details of her eu withdrawal text ahead of sunday's emergency summit where european leaders are expected to sign off on the deal the chancellor says while she believes an agreement will be reached this weekend, issues including the irish border and spain's objections over

gibraltar remain why did the spanish story just come out again we talked about this years ago, now it's back. the trip comes after the dup, which helps prop up the may government, gives it majority, urged her to renegotiate saying it was appalled at the constitutional implications. from the other side, the leader of the euro skeptic group of mps in the party has conceded it may take time to call a no confidence vote in may having so far failed to secure enough backing david miyles is from imperial college and former member of the mpc at the bank of england david, it's nice to see you. it's easy to say what a mess continues on this. but one thing is mrs. may is solidly walking through this storm to get to her desired

location will she be bringing the country with her or will she get to the stage where she cannot get back in your view >> she's a remarkably resilient woman. that's the first thing hat's off to her for getting up and going through what she goes through. it's hard to say at the moment it looks more likely this morning than last thursday that's a few days ago. the mathematics still look difficult of getting the deal through the house of commons that can change as well. who knows if anything helpful to her will come out of discussions with juncker today it's conceivable maybe the commission and the heads of state in other major countries in europe will be prepared to throw something her way, which makes it more palatable and gets more people onside i think what's strange about this, we step back from the

immediacy of it all, what strikes me as slightly strange is that though people think brexit is an enormous deal, if you look at financial markets, stock market, foreign exchange market, bond market through the course of this year, nothing happened in the uk which is out of line with what happened generally in financial markets uk stock market since the beginning of the year is down about about 7% uk exchange rate 1.28 against the dollar, most of the summer, 1.28, 1.129 >> a weaker pound might have helped insulate the british economy against issues of a slowing global economy having better terms of trade, this is more your wheelhouse than mine may have given a degree of insulation in a way.

>> a little bit. most of that weaker pound came within a few weeks of the referendum itself back in june of 2006. since then we haven't had a whole lot of movement. you get a big depreciation in the summer of 2016, since then not much has happened. that may have been helpful gdp growth may have been weaker without that to me the big story in some ways, it has been for the last couple of years after the shock of the referendum is that financial market prices have not done much in the uk that is out of line with global trends you couldn't look at the data and say gosh there's been huge br brexit ups and downs since then. >> the central premise is some form of customs union agreement at the core of what mrs. may has agreed that's possibly the best scenario for many businesses who just want to be in the single market they can't have that, they have the customs union as a fall

back, so to speak. as a backstop. so for business, for the uk economy, can they carry on as normal after brexit? >> i think if there's a customs deal which covers goods, then most companies who produce goods rather than services will probably find that the world is not very different in the future than it has been in the past services are slightly different. it sounds like they'll be outside of any deal. there may be some harm there it may be particularly costly for financial services though even then, even then if you look at the government's own assessment, the treasury's own assessment of what the impact of essentially getting a deal on goods but not services, we're outside the eu, but there's a close continuing relationship in terms of trade in goods, the treasury's own assessment of

most other economists is that it's not great for the uk but it knocks 2.5%, 3% off of gdp if that's how this all ends people will look back and say what was all that fuss about it was a couple of percent off gdp. that's one year's typical growth in the gdp it means the level of gdp 50 years from now is 1% or 2% lower, so it's where you thought you would be 9 ye49 years from compared to 50 years from now. >> in terms of what happens to the uk economy next -- and you echoed a point made by commentators there are other things going on. brexit is what it is and we have imbalance in the way that the economy is constituted you have this financial service sector which is outweighed a lot of household debt. concern about the housing

market what are the key factors about this let's put brexit aside and talk about the uk economy >> all those things you just mentioned, and you could add in dreadful productivity performance over the last ten years, all of those things have virtually nothing to do with brexit nothing to do with brexit. and the productivity issue is an enormous one the level of productivity now in the uk ten years on from the financial crisis is somewhere between 15% and 20% lower than you might have thought if you went back ten years just before the financial crisis that is an astronomical hit to the standard of living to people in the uk. brexit, people are talking about it's 2%, 3% of gdp productivity catastrophe in the last ten years, 20%. we don't understand that >> let me follow you on this one. again, it's astounding

having family, you worry about what happens and how our children will create the extra value to get that extra productivity how do we do that? is it companies? the education system how do we improve productivity in the uk and in the western world? >> it's an extraordinarily important question i don't think economists have good answers to it you can say sort of apple pie things like wouldn't it be good if we had people who were better trained. it's almost like saying we would have higher productivity if people were more productive. it's true, but it doesn't get you further forward. one problem we have in the uk, we're not alone in this, one problem we have in the uk, there's a tale of people coming out of our education system with very limited skills, numerous english language skills. it used to be the case 50, 60 years ago there were good job

forjobs for people so not having these skills is far more damaging now than it was 50, 60, 70 years ago that's not going to change if you ask me what is the single biggest thing, it's trying to improve the level of numerous language skills for people coming out of the schools at the lower end of the scale what you do about it is a tough order. >> s.t.e.m. and mandarin >> mandarin is a tricky one. >> yeah. >> s.t.e.m. then >> s.t.e.m., there's more hope on s.t.e.m my daughter is doing mandarin, that looks difficult to me >> nice to see you thank you for coming in and giving us your thoughts.

would you believe it there is a world in the uk economy beyond brexit extraordinary. david miles from imperial college. let's tell you that you can follow us on twitt twitter @streetsignscnbc you can tweet me directly. i've been more active on twitter. i've been bemoaning rumors of short selling bans if you want to argue with me, by all means, i would love it on twitter. f.a.n.g. is losing their bite as apple leads the tech wreck. find out what's going on after a short break. (vo) gopi's found a way to keep her receipts tidy,

even when nothing else is. (brand vo) snap and sort your expenses with quickbooks and find, on average, $4,628 in tax savings. quickbooks. backing you. [ready forngs ] christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone.

...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. f.a.n.g. stocks closed the session in bear market territory having seen more than $1 trillion wiped off their value the nasdaq is on course for the worst quarter since the financial crisis apple was the worst decliner

after the price target on the stock was cut for the second time in a week what changes in your long-term, medium-term understanding of where this company is at that you would knock the stock price twice in a week? or is it that you just looked at the stock price? the plans of price and features in the new xr model may not have been well received by users outside of the u.s you found this out twice in a week elizabeth, i'm sorry to rant i'm not sorry to rant. there were no sellers of goldman sachs in the analyst community -- i'm sorry, of apple. i looked at this stock for years. those buyers have been right those of us who would like to see couldn'ter vi counter views wrong. now people are knocking the stock price expectations well after we have gone into

precipitous decline for the stock. it doesn't wash for me >> that's right. the reason they're knocking expectations are concerns from the iphone sales we're seeing those concerns through the production and supply chain from various suppliers saying they won't have to lower production targets. the question is how much that translates into consumer demand and if this is just a short-term sell, which a lot of analysts are saying it is with all of the buy ratings still remaining on the stock, and if that because of that now is the time to buy is what many of them are saying. buy the dip opportunity. we'll have to see when earnings come out >> how do they tally still being buyers having been buyers from the top of the market of at the top of the market. they were buyers on the way up as well. how do they tally that with the fact that they have complete and utter opacity on unit sales going forward, because the company is withdrawing that parameter for us in their wisdom when there are concerns about saturation and concerns about

growth of all hardware products, where what the company is trying to push in the direction is software services. how do they tell you those buy ratings when they have opacity over unit sales. >> the buy ratings are saying now we still have so much faith in the prices of these iphones so even if the demand is slightly lower, the average selling price is now exceeding $800 they're saying apple can continue to deliver on the top line thanks to those margins on hardware we have talked about how a lot of analysts are considering apple now more of a software company thanks to its business in icloud and the app store and a lot of push for that services industry maybe that's one of the reasons why analysts continue to say it's a buy >> the good thing about this job is you always learn stuff. i learned that goldman sachs -- i pretty much knew it was started by goldman and sachs,

but marcus is their new retail bank >> marcus is goldman's new retail bank that launched in the uk in the end of september we spoke with the head of that business and he said they have added 100,000 customers in the country and the reason they're doing that is because they're offering the highest savings rate out there, 1.5% interest on savings. here's what he said yesterday. >> uk savers have been waiting for something for a long time. they had ten years of low interest rates no one talking about savings they lost interest in savings. that's what we started to do we said we would put interest back into savings. we did that by creating a bit of a buzz, a noise around the launch it's taken off >> how you have been able to offer that higher savings rate that so many other competitors couldn't >> i think, you know, the first thing is we're a direct bank we have no legacy.

we don't pay for branches. we are a simple business keeping costs low, passing that on to customers is the name of the game that's how we make a good deal for customers and also a good deal for us. >> do you have any regrets about launching here in the uk given what's happening right now with brexit >> not at all. we're committed to the uk as a business we think whatever happens in brexit, no matter what uncertainty it brings, people need to save and manage their money. retail banking doesn't change. as a savings offering, we think it's a good thing. uncertainty means you should save more. and if you look at us, we're already investing in a second office in the uk we're growing fast we've announced an office in milton as well we're in the uk to stay. >> i think it's outrageous that british banks offer me 0.00 whatever it is if anything on my

current account. it's a breath of fresh air to see this i don't pay anything for my banking. that's my quid pro quo, that's why i stay with my bank. i do get a high level of banking, but i don't pay a penny for it is there a downside to the attractive rate that marcus is offering is there something else that they can claw back >> they lure people in with these rates, and then there are often hidden fees. that's something we have seen with a lot of fintech companies, they're struggling to be profitable because they lure people in with free digital accounts, people get hooked on them and they have no way of making money once they're there. >> thank you very much for covering two stories for us today. even old dogs like me can learn stuff like this. coming up, bruno lemaire

backs renault. geoff was saying on "squawk box" he didn't seem like he was backing necessarily carlos ghosn yesterday but he's backing renault saying the french government wants to continue the deal more after the break

welcome to "street signs." selling has stopped on european equities equities pushing higher ending the global selloff for now as investors go bargain hunting with the banking sector leading the charge. italian ten-year yields set for the biggest one-day fall on reports that mateo salvini could be open for a budget compromise as rebounding bank stocks lead the ftse mib higher. oil prices clawing back some losses as the president, mr. trump, says he stands by saudi arabia claiming it would be a terrible mistake to abandon support for crown prince mohammed bin salman. >> i won't destroy the world economy and i'm not going to

destroy the economy for our country by being foolish with saudi arabia. and renault shares driving higher as the auto maker appoints a temporary leadership change after carlos ghosn's arrest, but said he will remain as chairman and ceo. let's look at the european equitymarket we have a rally on our hands but fragility of the nerves of the bulls is to the fore at the moment after a drubbing. margin calls, stop losses. i'm not saying panic, but there was a lot of violence to the down side and a host of products over the last two trading sessions, led on monday by technology, led yesterday by energy you have a host of sectors, united states that are in correction territory including

energy, materials, communication services, technology, and consumer discretionary we ha had a great chart yesterdy of the f.a.n.g. stocks in the united states, the most widely held stocks, when they sell off as aggressive as they have, that means more pain for investors. energy down 3.3% yesterday today we are seeing a line being drawn in the sand. for how long remains to be seen. let's look at the foreign exchange markets we were talking with david miles earlier on about the pound and cable. trading 1.28 at bottom of the recent trading range of 1.2833, which has been where we have been centered on we've seen oscillations in sentiment. euro/dollar trading 1.1387 u.s. futures, it's the last major trading day of the week

for the u.s. thanksgiving tomorrow, limited trading activity on friday we are seeing implied open of 12 points to the upside on the s&p. i guess when you have one party government, it's supposed to be easier to discern what's going on not in the united kingdom. in italy you have many parties and many factions or two parties and many fak shuns withfactionsi a government source says the lega party denies that mr. salvini is seeking changes in the budget this comes minutes after we reported that there were chances of compromise there. it comes on the back of the italian statistics bureau which has been saying in the last half hour that their expectations for

growth this year and next are lower than those of the tria budget and the government. another flash coming out of italy, the regulator head says an idea of a ban on short selling is not on the watchdog's table. renault has appointed bollore to stand as temporary ceo. the board met in paris the french finance minister, bruno lemaire, says japan and france will push ahead with the consolidation between renault and nissan he added he still needs to see evidence of the allegations against mr. ghosn. julianna is at the renault

headquarters outside of paris and has been monitoring events what is the latest >> a fast-moving story, and your recap of the board meeting last night was great. putting it all together, renault is taking an innocent until proven guilty approach this draws stark contrast to the comments out of nissan earlier this week with the ceo explicitly putting blame and guilt on to carlos ghosn and calling for his immediate dismissal this thursday at an egm in japan now the french government owns 15% of rerenault their thoughts on the matter are crucial. this morning bruno lemaire held a press conference in paris and echoed the thoughts of renault and said there is no proof of wrongdoing at this point i would just say bear in mind that nissan has been sitting on this story for a number of months they've been running their own

internal investigation renault just entered the picture this week. so we're looking at a different time frame and a different amount of information. renault requested all of the information nissan has be delivered to them. just back to the frechnch finan minister's comments, in addition to his comments of no proof of wrongdoing he also said they remain committed to the consolidation of the renault nissan partnership that alliance is a question for investors. so his pushing for stability of this alliance should be reassuringin reassuring just because they want to ensure stability it's not quite as easy as that. yesterday reports emerged that the nissan investigation expanded to include the alliance that was reported by sourcers to

roite reuters and to the "wall street journal. according to these sources, nissan has evidence of potential wrong doing at the alliance. so even though we are hearing calls of support from the french government and from renault in terms of assuring stability of this alliance, it may not be as simple as that >> let me ask you a question which is a broader longer-term picture about this story i say this in context to the fact that peugeot, a great rival of renault but similar in many ways about its heritage pays at a premium to this stock and the stock is up 15.6% year-to-date, which as opposed to renault is down 23.2% year-to-date. we talked about the personality and dominant force carlos ghosn is did he make that much of a difference to the company?

how does has the company been under carlos ghosn >> so renault in terms of its share price has been suffering from this whole discount because of the way this structure is created around the alliance. so the investment community has been pushing for change in terms of the structure of that alliance some investors have been pushing for a former merger of the renault and nissan partnership they believe they can unlock value that way and get shares up the core business has been performing quite well. but it's masked by the fact that a lot of earnings are coming through this equity accounting from the holding company and not the core earnings. another view out there has been that a better solution would be to bring the stakes into more of an equilibrium and the view that could unlock value in terms of how ghosn's departure would affect the alliance and any potential

merger, there is the prevailing view that the alliance is so deeply integrated that perhaps it doesn't need ghosn to continue running perhaps he did such a good job getting it into a position where bollore who has been groomed to take over recently, maybe they don't need him anymore to succeed. a lot of questions for sure. >> i go back to my original point, this is a stock that trades on 3.9 times forward. excellent coverage thank you very much for that generale announced plans to raise its dividend payout range. the italian insurer also said it was planning to accelerate growth through disciplined acquisitions speaking on "squawk box," the cfo of rsa insurance gave his take on these plans. >> let's make sure that when we make acquisitions, this is the

mentality of most boards that it would be more than what i would call transformational acquisitions when i read the word discipline, that would be the theme that i think that would be going. >> that tends to mean bolt-on -- >> that would be my thinking but i think there's an underlying confidence part around looking at these opportunities. at the end of the day you have to put pen to paper. thyssenkrupp share price down 35% year-to-date. three-month performance down 19.5% as well. just trying to get you valuation metrics on this. posted a fall in sales, order intake and adjusted ebit for 2019, but they are also forecasting a 42% rise in 2019 profit the estimates come after the closing of its joint venture with tata steel.

kingfisher says it will withdraw from russia, spain and portugal and focus on markets where it can gain a leading position they posted a fall in like for like sales in the third quarter. they said they were operating in a difficult retail environment it's a difficult retail environment on both sides of the atlantic in the u.s. retail stocks closed sharply lower. target down 10.5%. a key etf that tracks the sector posted its longest losing streak ever shares in several u.s. retailers dropped amid weak earnings and concerns over the holiday season >> reporter: just two days to go until the door buster deals begin at target but the latest earnings report is giving investors some concern comparable sales grew more than 5%, analysts expected more

the digital sales increased nearly 50% but fulfilling those online orders was expensive and pressured margins. >> i think the third quarter numbers for a lot of these retailers, could they represent the high water mark, because we have some through a time period where we had a strong consumer, a fashion cycle that benefited in 2019 we will be lapping tax reform, wage increases you have a strong consumer but each of the companies there is initiatives in place that don't come for free. >> lowe's and kohl's were also pressured even though they turned in stronger profit and revenue. retail ceos are working to assure the market that the u.s. consumer is still strong. and that the right strategies are in place target's ceo, brian cornell said the consumer is healthy as we enter the fourth quarter unemployment is low. gdp is growing

and when pressed as to whether the consumer is weakening, he said we see no change in the consumer environment on best buy's media call they said everything we see about the consumer is very positive. and we are feeling reall good about the holiday season. but he continued because the cycle has been going on for so long, everyone that studied economics knows it can't last for forever, and as a result are convincin themselves it's going to end. >> we think the consumer is in the best place it's been in a long time i think what you have to focus on though is the fact that gains begin to moderate we heard that from amazon all the way down. >> we expect one of the jolliest holidays for over a decade now i think that investors looking out to next year and saying can the momentum continue. >> with so many concerned that the strong retail trend is over the holiday stakes just got higher courtney reagan, cnbc business

news >> extraordinary, such an aggressive selloff the ceo of macy's will join us at 15:00 cet such a major selloff before we have major evidence of what the holiday season is like black friday is called black friday for a reason, because that's when they turn the profit. several soccer teams below the premier league have expressed concern with rights with broadcast partner sky adam, what was the increase compared to the previous rights deal >> it's gone up 35%, so 7$761 million. >> a 35% increase in rights. >> in the context of the premier

league, the premier league deal was over $5 billion bearing in mind you have clubs in the championship, the efl, the division below the premier league, of the stature of aston villa and leeds united i have here -- >> did you say former stature -- they are fallen angels >> they were the 10th and 12th best supported teams in england last season. they get huge attendance leeds, 12 of the first 21 games have been moved for fetelevision they say they should have the opportunity to renegotiate rights deals as they see fit because they're of more interest to other people than other peoples in that division the teams in that division, in the championship, they seem unified to an extent up to 21 of them released a statement saying they are gravely concerned that the efls sky. they don't have a problem with sky, but they want more of a say

on it. they feel like they have been ignored. the objections that the championship clubs have got haven't been heard initially by the efl. >> why did they empower the efl to make this deal if they didn't like it? if they are the 10th and 12th most powerful attended clubs in england, why did they empower the english football league with powers to do this without their say so >> i think that's the very question >> they are moaning about it after there is a 35% increase. you are right, they are the major attractions of those leagues. i don't understand how the other people who will be getting more money -- >> i think they were blind-sided. they didn't know it would be happening now. they asked that they wait. they feel like they have been ignored on that respect. now there are parties that have interests in all of this you have the leeds owner, he owns 11 sports, 11 sports have got the

domestic uk rights to la liga and serie a, now they think that ott agnostic platforms more on demand will be the way forward if there is -- they famously started off their initiative with serie c, the third division in italy they think they should have a market for this and that they should be able to carve it up and sell it as they see fit. >> it's amazing these minor teams squabbling >> potentially, yes. >> for the grace of god my team would be one of them i know that. >> you're liverpool fan? >> i want to be. >> you can be a liverpool fan. >> in that case i am a liverpool fan. >> very good >> massive game this weekend, away to watford. >> watford >> top place to go >> well done thank you for that there you go coming up, oil recovers

after a bruising u.s. session, but nymex is on track to break a two-year win streak, we'll discuss the commodity when we get back narrator: just like you,

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we had a bruising move on wti and brent over the last few days yesterday was a real head of steam built up today we are seeing a bit of a line in the sand various sourced opec comments talking about the need to take action to stabilize the market but all of a suddens this oi thi l a lot of oil around. oil makers have turned around. looking more positive than an hour ago

president trump says he is standing by the saudi crown prince mohammed bin salman citing the multibillion defense agreements between the u.s. and riyadh he said fresh sanctions would hurt the american economy and questioned the cia investigation into the crown prince's knowledge into the killing of jamal khashoggi. the president highlighted saudi's importance as an oil supplier >> saudi arabia, if we broke with them i think your oil prices would go through the roof i've kept them down. they've helped me keep them done right now we have low oil provides or relatively i'd like to see it lower. it's a simple equation for me. i'm about make america great again. i'm about america first. >> mr. trump's statements provoked criticism from both sides of the aisle >> reporter: the president

tonight deciding to side with saudi arabia at all costs. >> if we abandon saudi arabia, it would be a terrible mistake. >> reporter: questioning the cia's conclusion reported by nbc news that saudi crown prince mohammed bin salman ordered the murder of "washington post" writer jamal khashoggi. >> they have nothing definitive. and the fact is, maybe he did, maybe he didn't. >> reporter: saying, to him, it's all about keeping oil prices down, arms deals, and countering iran. >> trump is saying, the other things we get from saudi arabia are more important than establishing the culpability for the murder of khashoggi. >> reporter: but while the president claims $450 billion in saudi deals, they've promised only $14.5 billion, and the secretary of state, asked about khashoggi's death affecting saudi relations, said -- >> it's a mean, nasty world out there. they're an important partner of ours. >> reporter: mike pompeo also ignoring the cia he once led tonight top democrats calling it a stain on our democracy and vowing to block arms sales to the saudis

and this warning sunday from republican lindsey graham. >> when it comes to the crown prince, he's irrational, he's unhinged, and i have no intention of working with him ever again. >> tough language there from lindsey graham stay tuned as hadley speaks to a the saudi foreign minister later today. in an update to the section 301 investigation, which sparked the tariff war, robert lighthizer says beijing has not taken substantive actions to address u.s. concerns, and that it had made clear it would not be changing its ip and technology transfer policies the president has submitted written answers to questions from special counsel robert mueller in his probe of alleged russian meddling in the 2016 election trump's lawyer said in an

interview they asked every question that was legitimate pre-election and followed on russia but giuliani did add this would not answer any regarding the period after trump's election including obstruction of justice which mueller is also investigating. so where this goes next, let's get an update from susan mcginness in washington. where does this go next? >> good morning. this is after months and months of negotiations after a sit-down interview with the president, he was allowed to submit written questions. he says they were easy, he took a few days to fill them out. the president insists he wrote these answers, they were reviewed by his attorneys and off they went to the special counsel. the president says these questions were not difficult and his lawyers say that now the special counsel has these answers, it's time to bring this investigation to an end. the president says he feels the investigation is coming to an end. and while he has been allowed to

write his answers to these questions, we understand the special counsel has not ruled out a sit-down to happen in the future no specifics on that yet >> thank you very much for that. tune in for our exclusive interview with valdi valdis dombrovskis, the european commission vice president of financial stability. for the dow jones, 101 to e e positive for the emplied op implied open "worldwide exchange" is coming up next. [ phone rings ] what?!

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it is now 5:00 a.m. on wall street here's your top five at 5:00 it could be another wild ride for your money after a major selloff wipeded o eout all the gains for the year. oil trying to make a comeback. on the record, mark zuckerberg says he has no plans to step down as facebook chairman bitcoin fighting to come back this after losing nearly a third of its value in just the past month. potential deal news to talk about involving a dow component. we have the full deal-tails ahead on